While the EU legislation had been under discussion for months, it caught most bankers by surprise when it was finalised earlier this month.

No it didn't. It caught financial journalists by surprise. Not the industry and certainly not UKIP, both of whom have been banging on about the dangers for months, nay years.

The planned changes, while not unexpected, are likely to spark anger and confusion across the City, which believes that London’s competitiveness as an international financial centre is under threat...Industry groups have argued that EU member states are now at a disadvantage to countries such as the US and Switzerland, which have adopted less onerous restrictions on pay in the wake of the financial crisis.

Oh brother. Now Mr Osborne, and yes you Mr Cameron. Has our sovereignty been compromised by this by any chance? Has the power to set regulations over our most successful industry been thrown away?